Buy a Ticket?

LeeB · January 13, 2016, 08:44:02 AM

Just read an article on how much you really get after everyone takes their cut. You end up with ~$470MM after the man gets his share. I just don't know if that would be worth it. :D

HuntTilDusk · January 13, 2016, 09:17:26 AM

Ive been thinking about winning the lottery for years. the funny thing is that I never bought a ticket until last week. I would hire the best tax lawyer, financial advisor, and security money can buy. Then I would buy a chunk of nowhere in the middle of the sandhills build a 10ft electric fence and raise buffalo. For the hell of it.

pineywoods · January 13, 2016, 09:31:49 AM

I like the sign on the driveway idea. I would add "gave it to St Jude childrens hospital" I might even do that ;D

drobertson · January 13, 2016, 09:58:59 AM

Quote from: pineywoods on January 13, 2016, 09:31:49 AM
I like the sign on the driveway idea. I would add "gave it to St Jude childrens hospital" I might even do that ;D

They would surely get a chunk of it from me too,

sandhills · January 13, 2016, 10:00:56 AM

Yes St. Judes and the Cancer Society would be right at the top of the list along with UNMC and a few others. Worked at the salebarn yesterday and we all chipped in for supper, had some change left that went for a ticket so I guess I'll have to split my winnings 4 or 5 ways :'( :D :D

Dave Shepard · January 13, 2016, 11:47:50 AM

Quote from: LeeB on January 13, 2016, 08:44:02 AM
Just read an article on how much you really get after everyone takes their cut. You end up with ~$470MM after the man gets his share. I just don't know if that would be worth it. :D

Is more than that. 1.3 b was an 806 m payout. So it's even higher then that now.

jdonovan · January 13, 2016, 01:10:24 PM

Quote from: Dave Shepard on January 13, 2016, 11:47:50 AM
Is more than that. 1.3 b was an 806 m payout. So it's even higher then that now.

now pay 39.5 % federal income tax out of the 806, and state/locality tax if yours has that... for most folks that will add another 5-10%.

a good rule of thumb is 1/3 of the advertized prize is yours if you take the all of it now option, and pay your taxes.

Jim_Rogers · January 13, 2016, 01:40:34 PM

I saw somewhere that said if you win, call everyone you know, and ask them to lend you $500. Most if not all will say "NO". Then when they find out you won they'll be too embarrassed to ask you for money.

I got my ticket yesterday.

Jim Rogers

GAB · January 13, 2016, 03:37:26 PM

Quote from: Jim_Rogers on January 13, 2016, 01:40:34 PM
I saw somewhere that said if you win, call everyone you know, and ask them to lend you $500. Most if not all will say "NO". Then when they find out you won they'll be too embarrassed to ask you for money.

I got my ticket yesterday.

Jim Rogers

I like that one.
Gerald

GAB · January 13, 2016, 03:39:36 PM

Quote from: jdonovan on January 13, 2016, 01:10:24 PM
Quote from: Dave Shepard on January 13, 2016, 11:47:50 AM
Is more than that. 1.3 b was an 806 m payout. So it's even higher then that now.

now pay 39.5 % federal income tax out of the 806, and state/locality tax if yours has that... for most folks that will add another 5-10%.

a good rule of thumb is 1/3 of the advertized prize is yours if you take the all of it now option, and pay your taxes.

With a $1.5B prize that would be a fair rate of return for a $2 dollar ticket.
Gerald

Cedarman · January 13, 2016, 04:09:29 PM

Quote from: GAB on January 13, 2016, 03:39:36 PM
Quote from: jdonovan on January 13, 2016, 01:10:24 PM
Quote from: Dave Shepard on January 13, 2016, 11:47:50 AM
Is more than that. 1.3 b was an 806 m payout. So it's even higher then that now.
Gab,
Great return for the gov as they only have the price of printing the ticket and a little advertising.
now pay 39.5 % federal income tax out of the 806, and state/locality tax if yours has that... for most folks that will add another 5-10%.

a good rule of thumb is 1/3 of the advertized prize is yours if you take the all of it now option, and pay your taxes.

With a $1.5B prize that would be a fair rate of return for a $2 dollar ticket.
Gerald

gww · January 13, 2016, 05:43:59 PM

Yes, I bought my first ticket after many many years of not buying any. I heard that 70 percent of the winners end up filing for bankruptcy. I have never went bankrupt yet so I hope I win.
Cheers
gww

I told somebody that I wouldn't check the numbers if I bought one. They said I would check it cause it would be all over the news that the winning ticket was bought at my gas station.

thecfarm · January 13, 2016, 05:51:43 PM

Maigicman,80 miles.

Even the little country store in Chesterville sells lottery tickets. Big money when someones wins for them. Hard to drive even 10 miles without a store that sells them around here.

r.man · January 13, 2016, 05:54:14 PM

I read an article that suggested that you should not take a cash payout. The annuity is 22 million a year and it pays to your estate if you die. If you take the cash payout you would have to invest most of it to do as well as the annuity over time. Also with the annuity even if you screw up this years finances you will be fine next year. What the writer didn't consider was a person who would be naive enough to sign away future monies.

r.man · January 13, 2016, 05:56:35 PM

Cfarm a friend of mine owns a small store in Ontario with a lottery machine that sold a million dollar ticket and I think he go a couple hundred dollars. Used to be you got a fairly large payout but they trimmed it way back.

thecfarm · January 13, 2016, 05:59:47 PM

I would not trust them with the money. Take the lump sum and spend,spend,spend and have fun. ;D With my luck if I let them give me so much a year,I would go to get my yearly allotment and they would tell me they redirected the money and don't have it.

Probably they did the same thing for the store owners here. Seem like the paper would say the store got $10,000 or something like that for a big winner.

Magicman · January 13, 2016, 06:02:23 PM

QuoteMaigicman,80 miles. Even the little country store in Chesterville sells lottery tickets.

Ray, Mississippi is one of the probably two (actually six) states in the country that does not allow lotto's or lotto ticket selling. Marty was within a couple of miles of Louisiana today so he picked up a couple of tickets. I am now officially a gambler.

jdonovan · January 13, 2016, 06:09:36 PM

Quote from: r.man on January 13, 2016, 05:54:14 PM
I read an article that suggested that you should not take a cash payout.

http://abc7chicago.com/news/illinois-lottery-is-not-paying-but-people-still-playing/1065516/

given the way the states run their finances, I'll take my money now, vs standing in line with the rest of the creditors.

thecfarm · January 13, 2016, 06:13:01 PM

Maine don't allow roadside billboards. Does that count? :D
There are some that spend way too much chasing the dream. If I spend $5 a week that is alot for me on tickets. After buying them for more than 20 years and MAYBE winning $1000 I know you don't get ahead.
I get gas and always kidding about how I win. :D The guy would say,I don't know how you do it. Easy,I would say,spend $20,win $2. :D

terrifictimbersllc · January 13, 2016, 06:37:42 PM

"you can't win if you don't play"

"you always win if you don't play"

Chuck White · January 14, 2016, 12:39:03 PM

Lot of good that did! :-\ :

:-\ :

:-\

LeeB · January 14, 2016, 01:05:44 PM

So much for going home tomorrow. Guess i'll keep slogging it out for a few more years, and years, and years. The way the stock market is going looks like we're in for another crash. That ought to set me back until I'm around 80 before I can retire.